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    Wearable Medical Devices Market Report

    Wearable Medical Devices Market Report
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    Global Wearable Medical Devices Market, Dynamics, Market Analysis
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    Market Insights

    The Global Wearable Medical Devices Market is expected to grow from USD 17.4 billion in 2020 to USD 60.5 billion by 2026 at a CAGR of over 23.7% during the forecast period.

    Figure: Global Wearable Medical Devices Market Size, 2020-2026 (USD Billion)

    Wearable-Medical-Devices-Market-Forecast

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    What are Wearable medical devices?

    Wearable medical devices are defined as the electronic devices that can be worn by the consumers which includes activity monitors, smart watches, smart clothing and patches. These devices are used to collect data of the people’s exercise and monitor personal health. It has been widely used by the consumers for fitness purpose.

    Key Players

    Key players operating in the global Wearable Medical Devices Market are-

    • Koninklijke Philips N.V. (Netherlands),
    • Zephyr Technology Corporation (The U.S),
    • Omron Corporation (Japan),
    • Sotera Wireless, Inc. (The U.S),
    • Everist Health (The U.S),
    • LifeWatch AG (Switzerland),
    • Withings (France),
    • Polar Electro Oy (Finland),
    • Intelesens Ltd (UK),
    • Fitbit, Inc. (The U.S),
    • Vital Connect, Inc. (The U.S), and
    • Garmin Ltd. (The U.S).

    Key Players

    The growth of the global wearable medical devices market is primarily driven by increasing demand for remote patient monitoring devices and home healthcare.

    • Increasing fitness consciousness among the consumers particularly the young generation is expected to propel the market growth significantly.
    • The rising prevalence of chronic lifestyle diseases due to stress and unhealthy eating habits is expected to boost the product demand further.
    • Moreover, growing emphasis on new innovative product development is likely to create lucrative opportunities for the players operating in the global wearable medical devices market during the review period.

    Segment Analysis

    Application Trends

    Based on application, the market has been segmented into sports and fitness, remote patient monitoring, and home healthcare.

    • The home healthcare segment accounted for the largest market share in 2020.
    • Expanding geriatric population and prevalence of chronic diseases has resulted in increased demand for devices to monitor health continuously at home and reduce the number of frequent hospital visits and thus, curb healthcare expenditure.

    Regional Trends

    Geographically, the market in North America accounted for the largest market share in 2020 owing to expanding geriatric population and increasing number of people having non-communicable disease due to changing lifestyle.

    • Additionally, the high adoption rate of technologically advanced healthcare products coupled with high purchasing power is another important factor propelling the market growth.
    • The market in the Asia-Pacific region is projected to register the fastest growth during the review period on account of the increasing usage of fitness devices coupled with rising per capita disposable income.

    COVID-19 Impact on Global Wearable Medical Devices Market

    Covid-19 outbreak impacted the growth of the wearable medical devices market positively. The demand for home healthcare devices increased significantly to monitor individual health at home as only essential services were allowed amid the covid-19 outbreak. The number of hospital visits except for coronavirus infection declined due to fear of the virus infection.

    Critical Questions Answered in the Report

    • What are the key trends in the global wearable medical devices market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global wearable medical devices market?
    • What are the key strategies adopted by the major vendors to lead in the global wearable medical devices market?
    • What is the market share of the top vendors?

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    Target Audience

    Here is the list of the group of customers that the Global Wearable devices market hopes to have the greatest opportunity to convert-

    • Wearable medical devices manufacturers
    • Wearable medical devices suppliers
    • Wearable medical devices distributors
    • Organizations
    • Government bodies

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].

    Frequently Asked Questions (FAQs)

    The wearable medical devices market is expected to witness an impressive growth of 23.7% CAGR in the foreseeable future.

    Koninklijke Philips N.V. (Netherlands), Zephyr Technology Corporation (The U.S), Omron Corporation (Japan), Sotera Wireless, Inc. (The U.S), Everist Health (The U.S), LifeWatch AG (Switzerland), Withings (France), Polar Electro Oy (Finland), Intelesens Ltd (UK), Fitbit, Inc. (The U.S), Vital Connect, Inc. (The U.S) and Garmin Ltd. (The U.S) are among the key players in the wearable medical devices market.

    The wearable medical devices market size is expected to reach USD 60.5 billion in the coming years.

    North America accounted for the largest share of wearable medical devices market in 2020.

    Asia-pacific is expected to register the fastest growth in the wearable medical devices market in the coming years.

    Increasing demand for remote patient monitoring devices and home healthcare, increasing fitness consciousness among the consumers particularly the young generation, rising prevalence of chronic lifestyle diseases due to stress and unhealthy eating habits are the factors driving the growth of wearable medical devices market.

    Wearable medical devices manufacturers, Wearable medical devices suppliers, Wearable medical devices distributors, Organizations, Government bodies are the target audience in the wearable medical devices market.

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